MANILA, Philippines — The UnionBank of the Philippines on Sunday, July 2, said it is conducting a meticulous internal investigation into the alleged theft of P17 million from the bank by one of its employees.

“To mitigate the situation, the Bank has already handed the case to the proper authorities for a more thorough investigation. Along with this, the bank is also conducting a rigorous internal probe to know the extent of the issue,” UnionBank of the Philippines said in a press statement.

The press statement comes a day after the Philippine National Police (PNP) operatives arrested Mariebel Osorio, a cash unit head at UnionBank og the Philippines’ Ortigas branch who has been summoned for stealing P17 million from the bank. Mariebel Osorio is now facing qualified theft charges.

According to earlier reports, UnionBank Cash Services Group head Vincent Paul Castillo found that Osorio made an unauthorized cash transfer of P17,029,000 from the the bank’s Ortigas Cash Center in Pasig City to the Caloocan Cash Center on Friday afternoon, June 30. Pasig and Caloocan cities are within the National Capital Region in the Northern Philippines.

“UnionBank, during its routine checking, found out about a possible fraud incident involving one of its employees,” the company said on Sunday.

“Importantly, this incident is not involved in any way with cyber security or cyber crime,” the bank added.

Osorio was arrested by PNP authorities in Barangay San Antonio in Ortigas district in Pasig City and according to the cops, she did not resist arrest when police officers seize her.

PNP District Director, Romulo Sapitula, said that a senior bank official who requested anonymity sought the help of the cops upon learning that Osorio facilitated the illegal transfer of P17 million from her bank branch to another branch.

UnionBank of the Philippines is the ninth largest bank in the country in terms of total assets as of December 31, 2016, with total assets of more than P458 billion.

UnionBank of the Philippines ended the year with a total of P6.02-billion net income, down by 28.44 percent from the previous year’s P8.42 billion.

The alleged fraud at Unionbank of the Philippines came as the banking industry came under scrutiny following a two-day system glitch at Bank of the Philippine Islands (BPI) and ATM-based theft at BDO Unibank.